Recent Posts

Entrepreneurs are a notoriously stubborn (some
say confident) group of people, so I see many of them making the
same mistakes that predecessors have made. Thus I’m convinced
that it’s useful for all of you to step back from time to time,
and listen to some sage advice from people who have been there
and enjoyed success.

You need enough capital and a little more.
“Everything isn’t going to go well in the first couple of
years, and you need to get to cash flow positive. You don’t
want to be going back for a second round when everything
isn’t going well” (J William DeVille, Health Personnel
Options).

You need to see the glass half full, rather than half
empty. “You have to have the perspective and the
personality that, when these bumps, mountains or doglegs
happen, you don’t focus on everything that’s wrong. You
continue to be optimistic and to move forward to solve the
problems” (Bonnie Baskin, ViroMed Laboratories, AppTec).

Surround yourself with great folks, and it gets a lot
easier. “You’re very hesitant to fire your first
employees, but a lot of times the company outgrows their
abilities or takes on a different direction. I tell everyone
that the only constant around here is change” (David Becker,
Virtual Financial Services).

You can be a leader without being the best at
everything. “Like in basketball – you don’t need to
be the best outside shooter or the big guy. You can play a
role. Working with others, giving people credit. Give and
take. Knowing how to make hard decisions” (Jeff Aronin,
Ovation Pharmaceuticals).

Execution is everything. “Even if you start
a business with the wrong idea or too many competitors, you
can out-execute all the other ideas in the right market. What
I mean by execution is the ability to do what you’re setting
out to do and then being able to zig when the market zags”
(Dick Costolo, FeedBurner).

You learn more from bad times than from
good. “You learn more from complaints than from
compliments. I always discount compliments I get from
customers because I think a lot of times they’re just being
nice. The complaints – those are real” (Jim Dolan, The Dolan
Company).

At some point, you need to let go of
control. “Many founders think they need to be in
control even when the company has evolved beyond them. You
need to know your limitations and, if necessary, find people
who are more adept at running the company and taking it to
the next level” (Tony Faras, MGI Pharma).

You are who you hire. “If the person who
hired you is smart and nice, the people that person hires
will be smart and nice. If the person who does the hiring is
smart and a jerk, you’re going to end up with a log of smart
jerks” (Ron Galowich, First Health).

A business needs momentum. “You try to think
ahead and be sure that whatever surprises come up, you are
prepared to move ahead aggressively and positively. The last
thing an entrepreneur wants when starting a business is to
lose momentum” (Bill Bantz, Pathogenesis).

Ship early and iterate. “Get some kind of
product out early so that you start getting feedback from
customers. Don’t put all your eggs in one basket because
you’re doomed if that launch fails. With feedback you can
hone your products” (Roland Green, NimbleGen)

Robert interviewed a total of 45 successful entrepreneurs
responsible for $41 billion in value, so this is just a sample of
the insights he found. I certainly don’t advocate that you take
all the advice you hear from these leaders, but it always pays to
listen for a nugget that fits your case. Underneath every nugget,
there’s likely more buried treasure hiding. Go for the gold in
your company!